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Wells Fargo in $110m lawsuit settlement

29th Mar 17 8:39 am

This is what happened…

US bank Wells Fargo has come to the agreement of paying out $110m (£88m) to settle a lawsuit which was brought about by customers who had new accounts opened in their name without permission.

America’s biggest bank was fined a total of $185m in September last year for illegally opening around two million accounts.

The chief executive John Stumpf resigned due to the scandal.

The firm said in a statement that the agreement would “consist of all persons who claim that Wells Fargo opened an account in their name without consent, enrolled them in a product or service without consent, or submitted an application for a product or service in their name without consent”.

New president and chief executive Tim Sloan said: “This agreement is another step in our journey to make things right with customers and rebuild trust.”

“We want to ensure that each customer impacted by our sales practices issue has every opportunity for remediation, and this agreement presents an additional option.”

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